India is at the forefront of creating one-of-a-kind open digital networks designed to embed financial services from inception. These networks are expected to reach over 300 million participants by FY30, driving benefits for financial services players in multiple ways. As these networks grow, existing moats are likely to erode while new ones will be created. Financial services players must decide how to create the most value from these networks, with options ranging from offering their own financial services to becoming infrastructure partners for other players. Collectively, these networks have the potential to generate annual revenue exceeding $5 billion by FY30.